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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Earliest Event Reported: May 10, 1999
MEDICIS PHARMACEUTICAL CORPORATION
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(Exact Name of Registrant as Specified in Charter)
Delaware 0-18443 52-1574808
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
4343 East Camelback Road
Phoenix, Arizona 85018
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (602) 808-8800
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Not applicable
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(Former Name or Former Address, if Changes Since Last Report)
<PAGE>
Item 5. Other Events
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On May 10, 1999, Medicis Pharmaceutical Corporation announced that the
Company's Board of Directors adopted a resolution authorizing the plan to
repurchase up to $75 million of the Company's common stock from time to time in
open market or privately negotiated transactions.
The timing and terms of the repurchases will be determined by
management based upon market conditions and corporate cash flow requirements.
This stock repurchase program is effective immediately.
The press release is attached hereto as Exhibit 99.
Item 7. Financial Statements and Exhibits
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(c) Exhibits
EXHIBIT NUMBER DESCRIPTION
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99 Press Release dated May 10, 1999.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MEDICIS PHARMACEUTICAL CORPORATION
/S/ MARK A. PRYGOCKI, SR.
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Mark A. Prygocki, Sr.
Chief Financial Officer
Date: May 18, 1999.
<PAGE>
EXHIBIT INDEX
Exhibit
Number Description
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99 Press Release dated May 10, 1999.
Medicis Pharmaceutical Announces Board Approval of Stock Repurchase Program
PHOENIX--(BW HealthWire)--May 10, 1999--Medicis Pharmaceutical Corporation
NYSE:MRX) today announced that its board of directors approved a program for the
repurchase of up to $75 million of the Company's common stock in the open market
or through private transactions. The timing and terms of the purchases will be
determined by management based upon market conditions and corporate cash flow
requirements. Medicis currently has approximately 28.6 million shares of common
stock outstanding.
"Our decision to establish a stock repurchase program at Medicis reflects our
confidence in the Company and the strong position we will continue to hold in
the rapidly developing pharmaceutical industry," said Jonah Shacknai, Chairman
and Chief Executive Officer of Medicis.
Medicis is the leading independent pharmaceutical company in the United States
focusing primarily on the treatment of dermatological conditions. Medicis
develops and markets leading products for major segments within dermatology
including acne, psoriasis, eczema, rosacea, dandruff and cosmesis (improvement
in the texture and appearance of skin). Primary products include prescription
brands DYNACIN(R), TRIAZ(R), LUSTRA(R), LOPROX(R), OVIDE(R), LIDEX(R),
SYNALAR(R), TOPICORT(R), NOVACET(R), ZONALON(R) and A/T/S(R); over-the-counter
brands ZOSTRIX(R), ESOTERICA(R) and THERAPLEX(R); and BUPHENYL(TM), a
prescription product indicated in the treatment of Urea Cycle Disorders.
Except for historical information, this news release contains certain
forward-looking statements that involve risks and uncertainties which may cause
actual results to differ materially from the statements made, including the
Company's dependence on sales of key products, uncertainty of future financial
results and fluctuations in operating results, dependence on the Company's
acquisition strategy, new product introductions and other risks described from
time to time in the Company's SEC filings. These forward-looking statements
represent the judgment of the Company, as of the date of this release, and
Medicis disclaims any intent or obligation to update these forward-looking
statements.
CONTACT: Medicis Pharmaceutical Corporation
Libby Retherford, (602) 808-3854
www.medicis.com
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